The Philadelphia Flyers followed through, committing lots of money and several years to a 35-year-old, on-the-decline defenseman—and if nothing else, they made things tougher for their cross-state rival.

Mark Streit, at 35, will not fix what ails the Philadelphia Flyers. (AP Photo)

Here's what Streit's contract probably means:

1. The Flyers' defense is marginally improved. They had one of the league's worst blue lines last season, and Streit is good enough to make at least something of a difference. He's not what he was a few years ago, but he's fine. The issue is that they dedicated all of their available funds—and then some—to a guy who likely won't be enough on his own. Maybe Luke Schenn improves and Kimmo Timonen plays like he's younger than 38. Maybe not. But no matter what, that's not a group of title-winning defenseman, and Philadelphia missed the playoffs last season.

2. Goodbye, Ilya Bryzgalov and Danny Briere. The signing puts Philadelphia about $7.8 million over next season's $64.3 million cap. In the absence of a trade where they dump money, the only obvious way the Flyers can make that work is to buy Bryzgalov ($5.67 million) and Briere ($6.5 million) out of their current deals. That'd take both off the salary cap and cost the Flyers a little more than $26 million total over the next 14 years.

3. Hello, Steve Mason.Owner Ed Snider said that a six-game sample size for Mason, who'd been terrible for nearly three years before the Flyers traded for him, was not too small. Looks like we'll find out if he's correct. Mason, barring another big-money goalie signing and subsequent salary dump from elsewhere, will start if and when Bryzgalov exits.

4. Kris Letang is going to be a billionaire. Maybe not literally, but every time a deal like this is signed, the Pittsburgh Penguins defenseman—who is very young and very good—watches his price go up. So, a small consolation to Flyers fans: Now the Penguins are a little more likely to trade him before next season.